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Ireland's AIB Faces a Record €96.7 Million Fine

Ireland's AIB Faces a Record €96.7 Million Fine

by Starling Insights

Starling Insights Editorial Board

Jul 05, 2022

Observations

AIB, Ireland's second-largest lender, was recently fined €83.3 million by the Central Bank of Ireland (CBI) for denying over 10,000 customers access to cheaper mortgages that tracked base rates. EBS, a subsidiary of the bank, was fined €13.4 million for similar failings affecting 2,845 customers.

AIB and EBS were penalized for overcharging customers and breaching contracts, as well as failing to handle complaints fairly and compensate affected customers appropriately. Ultimately, according to the CBI, twenty-one customers lost their homes as a result of the banks' actions.

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